Armstrong's endorsement deal with Oakley was his only remaining contract. Nike, Anhueser-Busch and Trek, among others, dropped Armstrong after USADA released overwhelming evidence claiming Armstrong used performance-enhancing drugs. Oakley had been waiting for the UCI's decision before making a decision on Armstrong's contract.

Based on UCI's decision today and the overwhelming evidence that USADA presented, Oakley has severed its longstanding relationship with Lance Armstrong, effective immediately.

When Lance joined our family many years ago, he was a symbol of possibility. We are deeply saddened by the outcome, but look forward with hope to athletes and teams of the future who will rekindle that inspiration by racing clean, fair and honest.

We believe the LIVESTRONG Foundation has been a positive force in the lives of many affected by cancer and, at this time, Oakley will continue to support its noble goals.